This section applies only to: an allowance of a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree: of the Employees’ Retirement System or the Teachers’ Retirement System who elected Selection A (Additional member contributions); who transferred to the Local Fire and Police System from the Employees’ Retirement System; or who transferred to the Law Enforcement Officers’ Pension System from the Employees’ Retirement System and had elected Selection A (Additional member contributions); an allowance based on creditable service earned before July 1, 2011, for a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree of: the Correctional Officers’ Retirement System; or the State Police Retirement System; and an additional annual allowance adjustment payable to a retiree or the beneficiary of a retiree of the State Police Retirement System under § 24–401(e) of this article. A cost–of–living adjustment payable under this section shall be a compound cost–of–living adjustment computed in accordance with § 29–402(d)(2) of this subtitle. A cost–of–living adjustment payable under this section is not subject to any cost–of–living rate cap. A cost–of–living adjustment payable under this section may not reduce an allowance to an amount that is less than the initial allowance.